developing countries are starting to converge with developed countries in the long run in what respect?
developing countries are starting to converge with developed countries in the long run in what respect?
Homework Answers
The developing world (as a whole) is growing much faster than the developed world (as a whole), and indeed their real per capita income rates (especially if they are priced at Purchasing Power Parity) are converging, not diverging.
This is only to be anticipated on theoretical grounds: developing economies can grow faster, as they grow mainly by catching up with the development possibilities (i.e. technology) that are already available, whereas in developed countries (which are already closer to the frontier of existing technology) growth occurs mainly by adopting new technological improvements as they emerge, and only a small amount of growth.
Not all developing countries catch up at the same rate, of course: just compare South and North Korea's rise, or, in a less drastic comparison, China and India.The actualization of growth potential in specific countries requires a sound institutional framework and the consistent implementation of policies that, as is not always the case, promote investment and technological progress in both developed and developing economies.
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developing countries are starting to converge with developed
countries in the long run in what respect?
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